Losses narrow at Blacks
Troubled leisure group Blacks has posted a pre-tax loss of £5.3m in its year-end results this morning. The Northampton-based retailer said the figures were a "significant reduction" when compared to its £43.6m loss the year previous. Blacks, which also announced the appointment of former Figleaves boss Julia Reynolds as chief executive, said it had faced another difficult year - but insisted it was now "well placed to move from turnaround to recovery".
The company posted exceptional items of £6.6m, a reduction on its 2010 figure of £14.4m.
Revenues hit £201.9m, representing a decrease of 16 per cent from the £240.5m recorded in the prior year.
The company's outdoor division suffered a like-for-like sales reduction of 4.9 per cent for the year. Its Boardwear brand, which is due to close in the next few months, declined by 28.5 per cent on a like-for-like basis across the period.
The appointment of Julia Reynolds as chief excecutive was also announced this morning. Reynolds joins the company from online underwear retailer Figleaves.com where she served as chief executive officer. Prior to that, she was category director at Tesco where she was responsible for the introduction of the Florence & Fred clothing range.
David Bernstein, chairman, said: "This has been another difficult year for both the group and the UK retail sector generally, with consumer confidence still continuing to be fragile. Despite this, action taken by the group has resulted in the delivery of a much reduced loss for the year."
Neil Gillis, chief executive, said: "Blacks Leisure now has a more focussed estate of stores, a significantly reduced overhead base and a proven new store format which has been successfully rolled out this year. The business is now well placed to move from turnaround to recovery with a focus on outstanding retailing to restore it to a leadership position within outdoor retail."
The company also used its announcement to the London Stock Exchange this morning to announce its banking facilities have been extended to July 2012 and further extended to November 2012.
Blacks was granted company voluntary arrangements (CVAs) for the business and its main trading subsidiary, The Outdoor Group, in December 2009.
